For those who are interested? For those curious as to what 'stage we are in'
The preliminary reports of the GDP (Which will probably go through a few revisions before the final 'official numbers') show that the economy, for the first quarter of 2009, has shrunk another 6.1%
The good news is that the recession of 2008 is now over. The bad news is that according to that number, this means that the Depression of 2009 has begun.
What constitutes a Depression, and Recession is generally the peaks and troughs of the GDP numbers.
Or, or if you don't like you the GDP definition, you can always head down to your local 'tent city'. We have one that moves around in Detroit.
So unfortunately, it looks like again, I was correct. A few months ago, I said both here, and here that a Depression was unavoidable. I had hoped I was wrong.
I haven't been wrong that often during this mess. And unfortunately, I wasn't wrong this time either.